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Globalization of Law and Markets

Author: Terence Halliday

This longstanding research program examines the ways global institutions create law for world trade and shape national markets.

The most recently completed project studied interactions among global, national and local lawmakers and implementers. This research has involved fieldwork within the UN Commission on International Trade Law (UNCITRAL), the International Monetary fund (IMF), the Intergovernmental Economic Organization (OECD), and in China, Indonesia, South Korea, the U.S., and the U.K. on corporate bankruptcy, secured transactions, carriage of goods by sea, anti-money laundering and combating the financing of terrorism. The principal findings of the project are published with co-author, Susan Block-Lieb, Professor of Law at Fordham Law School, in Global Lawmakers: International Organizations in the Crafting of World Markets (Block-Lieb and Halliday, 2017, Cambridge University Press).

An earlier project focused on the lawmaking of global institutions in response to the Asian Financial Crisis in 1997. Stanford University Press  published the prize-winning Bankrupt: Global Lawmaking and Systemic Financial Crisis. The book shows how international public and private organizations created procedural rules for coordinating bankruptcies in multiple countries (late 1980s-later 1990s), provided guidelines for the construction of national bankruptcy systems in emerging economies (late 1990s to 2003), and developed global norms for bankruptcy law and institutions in advanced and emerging economies (1999-2004).

After the Asian Financial Crisis, international organizations sought vigorously to persuade countries such as China, Indonesia, and Korea to conform their laws to these international norms. Bankrupt analyzes the domestic policy-making in each of these three countries. It also examines closely three major processes that determine relationships between global and national actors: intermediation, foiling, and recursivity. This research seeks to map the scope and limits of globalization in commercial law.

Summaries and findings

Architects of the State: International Organizations and the Reconstruction of States in the Global South
Sep 23, 2008

All summaries and findings »

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